South Korean retail sales up but less than estimated

Sales at South Korea's top department stores rose at the fastest annual pace in six months in February but growth was slower than estimated earlier, revised government data showed on Sunday. Combined sales last month at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co grew by a revised 6.6 percent from a year earlier, the trade and industry ministry data showed. That was the strongest annual growth since August last year but it was slower than the 7.1 percent gain estimated by the finance ministry on March 10.

The February reading also represented a sharp turnaround from an 11.0 percent drop in January but South Korean economic indicators for the first two months are volatile as the Lunar New Year holidays can fall in either month.